Jeremy Hunt announced a further £5billion for the Ministry of Defence across the next two years, with £11billion being allocated over the course over 5 years.
This will bring defence spending to 2.25% of GDP. He says that the Government’s plan is to lift it to 2.5% over the longer term.
He also announced £30million for veterans.
The Chancellor said he is “proud we’re giving Ukraine more military support than anyone else in Europe.”
He added: “On Monday we were able to go even further, with Ben Wallace announcing a £5bn package of funding for the MoD; an additional £2bn next year and £3bn the year after.
“Today following representations from Wallace I confirm we will add a total of £11bn to our defence budget over the next five years.
“It will be nearly 2.25% of GDP by 2025.
“We were the first large European funding to commit to 2% of GDP. We will now raise that to 2.5% as soon as fiscal circumstances allow.”
The Chancellor continued: “We will provide a package of over £30m to support veterans with injuries returning from service and increase the availability of veterans’ houses.”
